Well, about 50 hours in.
On the whole, I think Fallout 4 is a definite improvement on the whole Bethesda model of gameplay in many ways. I'll do this in 3 stages: Pros, Cons, and MAJOR Pros (just to end on a positive note!)
Pros:
1.) Settlements feel like a way of progressing, instead of being something "tacked on", like Hearthfire. Settlements are (overall) a meaningful way of filling in the gaps for gear, trade, and security that can't be found in the wasteland.
2.) Combat works. Rather than trying to remain "faithful" to the Fallout series, Beth just created something that worked for their vision -- and that's the ticket. It may not feel like it used to, but it feels great all the same.
3.) Beautiful world. I was initially concerned by the super-colorful palette in the trailers, but I really think the graphics gel in a way that feels very "Fallout-ish". Sort of like a cartoon that rusted away and became a bit too real. Nice aesthetic.
4.) Better balance with "Leveled Enemies". I felt more challenged playing through this than any Beth title since Daggerfall. I like how the game seems to give you an edge right before it takes it away again. (Yes, you still become godly in the late-game, but getting there is more of a struggle now.)
5.) The crafting. Oh...the crafting. I could spend (have spent) hours fiddling with my weapon scopes, and stocks, and muzzles, and armor, and power armor, and making more food, and we-need-another-shack-right-over-here-and-I-can-build-white-picket-fences-now-so-that's-happening-and-oh-my-god-I-can-serrate-the-edge-of-my-tai-chi-sword!!!
Cons:
1.) The bugs. The same, [censored] bugs. We have been seeing this same dysfunction for nearly a decade. Memory issues, texture issues, LOD issues... They're not new, they're the same bugs we saw in Oblivion nearly 10 years ago.
2.) Companion AI. Listen, Beth, just give it up. There is obviously no one in the company capable of developing companions that function in any meaningful way. They only function by getting in the way. It would have been better to simply make Dogmeat amazingly cool and let the modders handle companions.
3.) The interface. Here's something that should have stood out like a shining beacon in the night: the Pip-Boy functions almost exactly the same way as it did in Fallout 1. That's right -- the inventory system offers about the same level of functionality as a game made in 1997. The rest of the UI is clunky, time-consuming, obviously not configured for PC users, and does not even offer consistent inputs (press T to tag inventory...no wait, it's Q here...).
4.) The dialogue system. For a game that relies on role-playing a character, knowing what you're character is actually going to say during conversation is...pretty critical. This "wheel" system worked for Bioware because Bioware hires professional writers that can accurately "sum up" a string of dialogue while simultaneously capturing the correct tone. Bethesda writers seem to struggle with the basics of main idea, creative expression, and shades of meaning (all of which is high school level course material).
5.) Pop-ups. It's like living inside of a podcast playing this game. Pop-up messages...pop-up sounds...pop-up tutorials...pop-up emergencies...pop up experience...pop-up experience noises... Elegance is something that very, very few people understand. A "lack of elegance" sort of encapsulates all of my "cons". Bethesda needs to learn the concept of "less is more". The game should function like a perfectly trained waiter or waitress. You know they're there, and whenever you need something, it appears before you ask -- quickly, quietly, just like it had always been there, without intrusion. Bethesda games are like sitting down in a TGI Friday's and being served by insecure teenagers trying way too hard to show off how "energetic and funny!" they are.
Major Pros!!!:
1.) Freedom! -- No dialogue "rushing" us down the main quest line. We're once again free to engage in this wide-open world without feeling like we need to intentionally ignore the dramatic action the game is creating. It's OUR decision what the most pressing thing is. Vice-versa, when something pressing does happen, that feeling of "We need to go -- NOW!" is enjoyable once in a while. It's more exciting and meaningful.
2.) Player-Determined Progression! -- I had a major series of threads discussing this and many other things concerning Skyrim, and the general consensus was that the "per-use" system was interesting in theory, but created a lot of frustration in practice. Glad to see we get to decide who our characters become again.
3.) Factions That Matter! -- Finally, we feel like we're a "part" of something when we join one faction or another. It's unlikely you'll become "General [CharName] of the Minutemen, Elder of the Brotherhood of Steel, Savior of the Railroad, and Father of the Institute"...in 16 game days. Choices matter now, and actually affect the game's outcome.